al n rte n I- d e tc i tr s Re CORE U.S. Software The Q4 Earnings Guide All Signals Point to Strong Q4: We see a favorable earnings season for most of our names. Some of the IT spending concerns in Europe eased during the quarter and the INDUSTRY UPDATE U.S. Software POSITIVE Unchanged Equity Research 21 January 2020 US remained solid with digital transformation projects as main drivers. This was also confirmed by our VAR survey, and hence, we expect further upside for the space despite the alre
